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Interview on Free Banking

April 29, 2009

Region Focus interviewed me. It’s a publication of the Fed of Richmond.

“The way I envision free banking, it does not rely on a particular base regime. It’s true, as a matter of history, that if you had free banking from the get-go, you wouldn’t have central banks and you would almost certainly have a commodity money standard, probably gold…. The fiat money we currently have is purely the product of central banks. I think it’s pretty clear that if we never had central banks, we wouldn’t have fiat money. Instead, we’d still have commodity money.”

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